UNITED BANK OF INDIA,KOLKATA vs. A.C.I.T., CIR -6, KOLKATA, KOLKATA

This appeal filed by the assessee against the order of ld. Commissioner of Income Tax (Appeals)-VI, Kolkata dated 28.02.2007 was earlier disposed of by the Tribunal vide its order dated 19.06.2013. There was, however, a mistake in the said order in not adjudicating the additional ground raised by the assessee and a Miscellaneous Application, therefore, was filed by the assessee seeking rectification of the said order. The said application was allowed by the Tribunal vide its order dated 28.07.2017 passed in M.A. No. 55/KOL/2017 and the order dated 19.06.2013 was recalled for the limited purpose of adjudicating the admissibility of the additional ground and deciding the issue raised therein on merit. Accordingly, the case has been heard on this limited issue.

As the issue raised by the assessee in the additional ground is purely a legal issue and all the relevant facts for adjudication thereof are available on record, we have admitted the additional ground raised by the assessee. The ld. D.R. has not also raised any objection in this regard.

The ld. representatives of both the sides have also agreed that the issue involved in the additional ground raised by the assessee is squarely covered in favour of the assessee by the decision of this Tribunal in assessee’s own case for A.Y. 2009-10 rendered vide its order dated 30.12.2015 passed in & 113/KOL/2013. A copy of the said order is also placed on record and perusal of the same shows that a similar issue has been decided by the Tribunal in favour of the assessee vide paragraphs no. 3.2 & 3.3, which read as under:- “3.2. We have heard the rival submissions and we find that this issue is squarely covered by the co-ordinate bench decision of this tribunal in the case of UCO Bank- vs.- DCIT in ITA No. 1768/KOL/2009 dated 27.11.2015 for the Asst Year 2002-03. The Tribunal while rendering this judgement duly appreciated the relevant provisions of section 211 of Companies Act, 1956, Insertion of Explanation 3 to section 115JB of the I.T. Act. 1961, with effect from 1.4.2013, relevant provisions of section 2(5) of the Companies Act, 1956, definition of 'company' under Banking Regulation Act, 1949, definition of 'company' under Companies Act, 1956, Notes to Clauses to Finance Act, 2012 on the subject of Minimum Alternate Tax (MAT) while introducing Explanation 3 to section 115JB of the I.T. Act, 1961, intention behind introduction of MAT provisions. Circular No. 762 dated 18.2.1998 on the subject of MAT, the Memorandum explaining the provisions in the Finance (No.2 ) Bill, 1996 on the subject of MAT and relevant rules of legal interpretation. The tribunal also placed reliance on the following decisions:-

As the issue involved in the present case as well as the material facts relevant therein are similar to A.Y. 2009-10, we respectfully follow the order of the Tribunal for A.Y. 2009-10 and hold that the MAT provisions of section 115JB are not applicable in the case of the assesese for the year under consideration. The additional ground of the assessee’s appeal is accordingly allowed.